Study Questions Test 1 Management 3240 Fall 2014 Exam Week October 27 31 1 What are the basic ideas presented in the Ripple Effect video What industries were mentioned as affected both directly and indirectly Lost his job as a bank manager cant find another job Lost 6 figure salary eliminated eating out at favorite restaurant Restaurant was red stone grill serves fewer guests now for lunch fewer tips therefore bartender needs to stop hiring pet sitter and she cant go out as much either Restaurant cut back on meat orders from Allen bros fewer sales makes company lay off 5 butchers and truck drivers Domino effect with others losing jobs 800 people every hour lose their job Could be 9 or double digit unemployment by the end of the year Businesses are unrelated but interdependent on each other 2 3 4 5 6 Understand how the recession has impacted social behavior at work Specifically know the research as related to sucking up increasingly demanding management and employee s perceived financial well being The recession has increased stress levels of employees 70 management has grown increasingly demanding over this period 55 Employees are more concerned about job status because they predict significant job changed will occur within a year 65 Most employees say they are nervous about their long term financial well being 80 Asked to cut down costs on a weekly basis 60 Increased incivility sucking up backstabbing and politicking as a means to keep their job 40 Have an understanding of the Foreclosure States Specially know which states are really bad high foreclosure and which ones are pretty good low foreclosure Top Seven Foreclosures Arizona Nevada California Utah Florida Georgia Illinois how expensive it is to live how willing banks are to give money ease of getting capital people over doing their lives Low Foreclosures Maine North Dakota Mississippi West Virginia Be able to discuss the research related to parents perceptions of their children s future e g Gazing into the Future and The Satisfaction Gap Children today will grow up to be worse off than parents generation 50 34 said better older people aren t satisfied about how things are going 26 are satisfied 41 of younger people said they are satisfied with how things are going today SATISFACTION GAP College debt on loans is increasing median family income is steadily the same Know the specifics of the Flat Paycheck Recovery Talks about how we are just not increasing the money to get the economy better People don t have more money to spend Most jobs that have been lost were middle wage jobs but the jobs that have been added or mad have been low wage jobs decreasing money supply for customers Not hiring 70k jobs which help economy A number of reasons have been given for companies failing to hire more workers even though it may seem that they are in a position to do so What were the factors discussed Know the specifics as outlined 1 Seem to be doing okay with what we have 2 Trimmed a lot of fat in the past few years and got better at things 3 Earnings may sound good but everything is relative 4 Uncertainty double dip recession 5 Uncertainty white house 6 Uncertainty hiring habits 7 Can I get it cheaper elsewhere Different countries 8 Don t want to go through that again 9 Fiscal Who Knows 7 What was the general theme outlined in the Christian Science Monitor s article on job meaning How did people perceive the importance of work How were male and female participants different People are going through this recession and they realized that putting more faith in work wasn t a good idea they should put more faith in other things like family church other things Trying to work more and more to get promoted is not controlled anymore due to the economy Whatever you do keep your eye on the ball 8 9 profs metaphor Men s reflective and remorseful thoughts were driven by recession related job insecurity and its subsequent role in encouraging a hostile work treatment Women s thoughts were triggered by conflicts between work and family obligations Have an understanding of the major points outlined in the attached article Why are U S children s futures uncertain as a result of the recession How do younger people of this generation compare to those who lived through the Great Depression http www businessweek com articles 2014 08 19 the psychological damage of the recession is not going away Futures are uncertain as a result of the recession because the economy is riskier than it has been before The recession has also brought economic stress Stakes are higher and the risks are greater for children Younger people compare to those who lived in the Great Depression because they re both holding more in cash and less in stock than other generations have done How has the recession caused American s anxiety to grow Overall how has the recent increase in economic strength affected most people Why http www businessweek com ap 2014 08 28 survey americans pessimism on economy has grown Anxiety has grown because Americans have lost their confidence during this slow recovery and also have not yet returned to the pay levels they had before the recession 42 said they have less pay and savings than before Only 7 said they were better off Also had to fear for their job security and felt they had to work part time in retirement The recent increase has created more jobs and helped the market but people don t trust the economy 10 Read the Gender Wage Gap Myth article Describe the way that the information was calculated including any limitations in the way the final results were determined What are the reasons for women to celebrate http www forbes com sites realspin 2012 04 16 its time that we end the equal pay myth print People think Equal Pay Day has to do with discrimination to understand the wage gap when in fact it does not The wage gap statistic does not compare two co workers of different sexes in the same industry performing the same role for the same number of days It reflects the median earnings of all men and women working full time jobs The survey doesn t put in the calculations that on average men work more hours and take jobs with less desirable characteristics However women can celebrate the fact that they are increasingly taking on leadership roles in the business world technology is creating more flexible work arrangements so you can combine work with family life and women are excelling academically earning more degrees than men 11 Allegedly how does the
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